Earnings release
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1 Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. CANbridge Pharmaceuticals Inc. ʮ̡ (Incorporated in the Cayman Islands with limited liability) (Stock Code: 1228) INTERIM RESULTS ANNOUNCEMENT FOR THE SIX MONTHS ENDED JUNE 30, 2026 The board (the “ Board ”) of directors (the “ Director(s) ”) of CANbridge Pharmaceuticals Inc. (the “Company”) is pleased to announce the unaudited condensed consolidated results of the Company and its subsidiaries (the “Group”, “CANbridge”, “we”, “our” or “us”) for the six months ended June 30, 2026 (the “Reporting Period ”), together with comparative figures for the six months ended June 30, 2025 as follows. Certain amounts and percentage figures included in this announcement have been subject to rounding adjustments, or have been rounded to one or two decimal places. Any discrepancies in any table, chart or elsewhere between totals and sums of amounts listed therein are due to rounding. BUSINESS HIGHLIGHTS The Company has made significant progress in its drug pipeline and business operations as of the announcement date, including the following key milestones and achievements: Strategic Investment by WuXi Biologics On 15 February 2026, the Company entered into the Subscription Agreement with WuXi Biologics HealthCare Venture, an indirectly wholly-owned investment entity of WuXi Biologics, pursuant to which 84,033,613 new shares were allotted at a subscription price of HK$2.38 per share, raising gross proceeds of approximately HK$200.0 million. Sixty per cent of the proceeds will be utilised for settlement of the Group’s trade payables, 28% for research and development expenses of the existing pipeline, and 12% for working capital and registration maintenance of commercialised products. Upon completion of the transaction, the WuXi Biologics affiliate held a 16.27% equity interest in the Company and became the second substantial shareholder of the Company.
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2 Hunterase ® (idursulfase beta, formerly known as CAN101) , an enzyme replacement therapy (ERT) for the treatment of Mucopolysaccharidosis type II (MPS II), also known as Hunter syndrome. MPS II is number 73 in the “First National List of Rare Diseases” in China published in May 2018. • In May 2021, CANbridge commercially launched Hunterase ® in China for the non-reimbursed market. Patient identification has accelerated since launch; 921 patients had been identified cumulatively as of June 30, 2026. We have rolled-out commercial insurance programmes (Huiminbao) across 142 cities, covering a population of 626 million in China. • In August 2026, Hunterase ® obtained marketing approval from the Taiwan Food and Drug Administration (“ TFDA ”). With this approval, Hunterase ® has obtained marketing approval in Chinese Mainland, Hong Kong and Taiwan. Livmarli ® (maralixibat oral solution, formerly known as CAN108) , an oral, minimally absorbed, reversible inhibitor of the ileal bile acid transporter (IBAT) that is under development to treat rare cholestatic liver diseases including Alagille syndrome (ALGS) and progressive familial intrahepatic cholestasis (PFIC). ALGS is number 5 in the “Second National List of Rare Diseases” in China published in September 2023. • In January 2024, CANbridge commercially launched Livmarli ® in China for the non-reimbursed market. Patient identification has accelerated since launch; 920 ALGS patients had been identified cumulatively as of June 30, 2026. We have rolled-out commercial insurance programmes (Huiminbao) across 64 cities, covering a population of 299 million in China. • On August 14, 2026, Livmarli ® obtained reimbursement approval from the National Health Insurance Administration (“ NHIA ”) of Taiwan, with the reimbursement coverage effective September 1, 2026. Gaurunning ® (velaglucerase-beta for injection, formerly known as CAN103) , an ERT for the treatment of Gaucher Disease. Gaucher Disease is number 31 in the “First National List of Rare Diseases” in China published in May 2018. • Since launch, patient identification has accelerated; 42 Gaucher disease patients had been identified as of June 30, 2026. We have rolled out commercial insurance programmes (Huiminbao) across 40 cities, covering a population of 175 million in China. • In July 2026, the Company fully initiated registration procedures and commercial readiness work for Gaurunning ® covering key North African markets. Launch preparations for Gaurunning ® in the region have commenced. Expansion into North Africa constitutes the first important milestone for Gaurunning ® in building its global Gaucher disease footprint.
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3 • In addition, the Company is actively advancing the registration procedures for Gaurunning ® in Hong Kong. • In August 2026, an NMPA approved registration trial is ongoing, aiming to expand Gaurunning ®’s label to children aged 2 to 12 years. CAN204 Gene Therapy, a CANbridge-developed area of excellence, is a therapeutic modality that uses adeno-associated virus (AAV) as a gene delivery vehicle. It holds the potential to serve as a one-time, durable treatment for a broad range of genetic diseases. Duchenne Muscular Dystrophy (DMD), the most common form of progressive muscular dystrophy, is Entry No. 98 in China’s “First National List of Rare Diseases”, which was published in May 2018. CANbridge and Scriptr have published a paper in the journal Science , reporting the discovery of the StitchR ™ technology and its application for the treatment of muscular dystrophies. To date, we have successfully completed in-vivo proof-of-concept studies in mice and generated key preclinical data for DMD. We are advancing the screening and evaluation of multiple AAV capsids for robust delivery of StitchR™ to the muscle and heart and optimising the therapeutic payload, while making orderly preparations for subsequent non-human-primate studies. New Global Pipeline CAN301 (Next-Generation BBB-Penetrant ERT Candidate for Gaucher Disease) , we have initiated the in-house research and development of CAN301, a next-generation therapeutic pipeline asset for Gaucher disease. CAN301 is a glucocerebrosidase (GCase) enzyme replacement therapy (ERT) paired with central nervous system (CNS) targeting. CAN301 is CANbridge’s first program leveraging its development of a technology platform for CNS macromolecule delivery and therefore aims to specifically address the unmet clinical need of CNS manifestations associated with Type 3 Gaucher disease, thereby serving as an upgraded successor to our marketed product, Gaurunning ® (formerly CAN103). Organizational Updates: With effect from March 30, 2026, Mr. Wai Chiu Wong (“ Mr. Wong ”), resigned as joint company secretary of the Company and ceased to act as one of the authorised representatives of the Company (the “Authorised Representative ”) under Rule 3.05 of the Rules Governing the Listing of Securities (the “Listing Rules”) on The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) and the authorised representative for accepting service of process or notices on behalf of the Company in Hong Kong under Part 16 of the Companies Ordinance (Chapter 622 of the Laws of Hong Kong) (the “Process Agent”). Ms. Qian Ma (“Ms. Ma”) remains in office and will continue to serve as a company secretary of the Company. With effect from March 30, 2026, (i) Ms. Ma has been appointed as one of the Authorised Representatives; and (ii) Ms. Lin Sio Ngo has been appointed as the Process Agent.
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4 With effect from August 5, 2026, Dr. Richard James Gregory (“ Dr. Gregory ”) resigned as an independent non-executive director of the Company, the Chairman of the Remuneration Committee of the Company (the “Remuneration Committee”) and a member of the Audit Committee of the Company (the “Audit Committee”) due to change in his personal arrangements. With effect from August 5, 2026, Dr. Richard Arthur Moscicki (“ Dr. Moscicki ”) was appointed as an independent non-executive director, Chairman of the Remuneration Committee and a member of the Audit Committee. Having accumulated over 50 years of comprehensive experience across clinical practice, biotechnology, pharmaceutical regulation and academia, Dr. Moscicki possesses senior management experience at the U.S. Food and Drug Administration (“ FDA”) and multinational biopharmaceutical companies. His profound cross-disciplinary expertise will further optimise the professional governance structure of the Board. FINANCIAL HIGHLIGHTS • Our revenue increased by approximately RMB5.7 million or 25.6%, from RMB22.2 million for the six months ended June 30, 2025 to RMB27.9 million for the six months ended June 30, 2026, which was mainly attributable to the increase of sales from Hunterase and Livmarli. • Our other income and gains decreased by approximately RMB92.8 million or 89.1%, from RMB104.1 million for the six months ended June 30, 2025 to RMB11.3 million for the six months ended June 30, 2026, primarily due to a gain of RMB101.0 million arising from the US lease termination in the six months ended June 30, 2025. The gain arose as the tenant, a wholly- owned subsidiary of the Company, and the US lease property’s landlord entered into a termination agreement to early terminate the lease related to the US leased property on February 24, 2025 with effect from February 28, 2025. Since the right-of-use assets related to the US lease property had been fully written off as of December 31, 2024, the lease liabilities and other payables of approximately RMB97.7 million and RMB3.3 million, respectively, were derecognised and credited to profit or loss during the six months ended June 30, 2025. • Our research and development expenses decreased by approximately RMB5.5 million or 30.5%, from RMB18.0 million for the six months ended June 30, 2025 to RMB12.5 million for the six months ended June 30, 2026, which was mainly attributable to lower operational costs resulting from the completion of previous clinical trials, as well as the fact that new R&D projects had just been initiated in the second quarter of 2026.
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5 • Our administrative expenses increased by approximately RMB6.7 million or 40.3%, from RMB16.6 million for the six months ended June 30, 2025 to RMB23.3 million for the six months ended June 30, 2026. Such increase was primarily due to higher share-based payment expenses arising from newly granted equity incentives, together with increased professional service fees related to financing activities. • Our selling and distribution expenses increased by approximately RMB8.2 million or 36.3%, from RMB22.7 million for the six months ended June 30, 2025 to RMB30.9 million for the six months ended June 30, 2026, mainly due to investment in the launch of commercialization of new product (i.e. Gaurunning ®) and one-time costs arising from the switch from a self-operated sales model to a CSO model. • Loss for the Reporting Period turning from a profit of RMB59.2 million for the six months ended June 30, 2025 to a loss of RMB37.1 million for the six months ended June 30, 2026 which was primarily due to the decrease of other income and gains. • The adjusted loss for the period decreased by approximately RMB9.1 million, from RMB37.4 million for the six months ended June 30, 2025, to RMB28.2 million for the six months ended June 30, 2026. The adjusted loss for the period was arrived at by adjusting the IFRS profit/(loss) for the Reporting Period of RMB37.1 million (for the six months ended June 30, 2025: profit of RMB59.2 million) through excluding the effect of share-based payment expenses, gain/(loss) on lease termination, and written-off of right-of-use assets. Please refer to the section headed “Non-IFRS Measures” of this announcement for details.
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6 INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME For the six months ended June 30, 2026 Six months ended June 30, 2026 2025 (Unaudited) (Unaudited) Notes RMB’000 RMB’000 Revenue 4 27,940 22,248 Cost of sales (9,283) (6,828) Gross profit 18,657 15,420 Other income and gains, net 5 11,343 104,145 Selling and distribution expenses (30,909) (22,674) Administrative expenses (23,325) (16,627) Research and development expenses (12,504) (17,990) Finance costs (249) (1,769) Other expenses (107) (1,267) (Loss)/profit before tax 6 (37,094) 59,238 Taxation 7 – – (Loss)/profit for the period (37,094) 59,238 Other comprehensive (expense)/income Other comprehensive (expenses)/income that may be reclassified to profit or loss in subsequent periods Exchange differences on translation of foreign operations, net 1,412 1,783 Other comprehensive income that will not be reclassified to profit or loss in subsequent periods: Exchange differences on translation of the Company (3,536) 641 Other comprehensive (expenses)/income for the period, net of tax (2,124) 2,424 Total comprehensive (expenses)/income for the period attributable to owners of the Company (39,218) 61,662 (Loss)/earnings per share attributable to owners of the Company – Basic and diluted (RMB per share) 9 (0.07) 0.14
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7 INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION For the six months ended June 30, 2026 June 30, 2026 December 31, 2025 (Unaudited) (Audited) Notes RMB’000 RMB’000 ASSETS Non-current assets Property, plant and equipment 179 136 Right-of-use assets 475 375 Intangible assets 48,107 54,712 Total non-current assets 48,761 55,223 Current assets Inventories 23,174 20,569 Trade receivables 10 10,853 15,119 Prepayments, other receivables and other assets 21,493 7,855 Cash and bank balances 88,098 66,625 Total current assets 143,618 110,168 LIABILITIES Current liabilities Trade payables 11 237,862 368,834 Other payables and accruals 76,576 75,842 Contract liabilities 2,895 2,727 Interest-bearing bank and other borrowings 19,000 7,025 Lease liabilities 662 913 Total current liabilities 336,995 455,341 Net current liabilities (193,377) (345,173) Total assets less current liabilities (144,616) (289,950)
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8 June 30, 2026 December 31, 2025 (Unaudited) (Audited) Note RMB’000 RMB’000 Non-current liabilities Contract liabilities 42,170 43,661 Interest-bearing bank and other borrowings 9,000 8,000 Lease liabilities 144 144 Total non-current liabilities 51,314 51,805 Net liabilities (195,930) (341,755) EQUITY Share capital 12 40 34 Reserves (195,970) (341,789) Total deficit (195,930) (341,755)
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9 NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS For the six months ended June 30, 2026 1. GENERAL INFORMATION The Company was incorporated as an exempted company with limited liability in the Cayman Islands on January 30, 2018. The addresses of the registered office and principal place of business of the Company are disclosed in the “Corporate Information Section” to the interim report. The Company is an investment holding company. The Group was principally engaged in the research and development and commercialization of medical products. The shares of the Company have been listed on the Main Board of the Stock Exchange of Hong Kong Limited (the “Stock Exchange”) effective from December 2021. The financial statements are presented in Renminbi (“ RMB ”), which is the currency of the primary economic environment in which the major entities of the Group operate. The functional currency of the Company is US dollar (“USD”). 2. BASIS OF PRESENTATION OF CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Statement of compliance The condensed consolidated interim financial information for the six months ended June 30, 2026 has been prepared in accordance with International Accounting Standard (“ IAS ”) 34 “Interim Financial Reporting”. The condensed consolidated interim financial information should be read in conjunction with the annual financial statements for the year ended December 31, 2025, which have been prepared in accordance with International Financial Reporting Standards (“IFRS”). Going concern assessment The condensed consolidated financial statements have been prepared on the assumption that the Group will continue as a going concern, which assumes that the Group will be able to meet its obligations and continue its operations for the next twelve months after June 30, 2026, notwithstanding that the Group incurred a net loss of RMB37,094,000 during the six months ended June 30, 2026 and as at June 30, 2026, the Group had net current liabilities and net liabilities of approximately RMB193,377,000 and RMB195,930,000 respectively. These conditions indicate that a material uncertainty exists that may cast significant doubt on the Group’s ability to continue as a going concern. In view of these circumstances, the Directors of the Company have given careful consideration to the future liquidity and performance of the Group and its available sources of financing in assessing whether the Group will have sufficient financial resources to continue as a going concern. Certain measures have been and will continue to be taken to mitigate the liquidity pressure and to improve the Group’s financial position which include, but not limited to, the following: 1. the Group continues to monitor expenditure and take action to tighten cost controls over various operating expenses;
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10 2. the Group has been and will continue to actively negotiate with banks for renewal and extension of existing bank borrowings that will become due during the next twelve months after June 30, 2026. Discussions regarding the renewal and extension of existing bank borrowings as well as new bank borrowings are ongoing but no binding agreements have been entered into; 3. the Group will also continue to actively negotiate with the suppliers and the related parties to extend the repayment dates of the overdue payables based on amicable relationships with the suppliers and related parties; 4. the Group has been and will continue to actively negotiate with certain third parties to license out its pipeline assets to streamline its operations further and improve liquidity position. As at the date of this announcement, discussions are on-going but no binding agreements have been entered into; 5. the Group will further improve the profitability with three commercialised products, namely Hunterase ®, Livmarli ® and Gaurunning ® to generate cash inflow for the Group; and 6. the Company has been actively exploring opportunities to obtain further financing when necessary including but not limited to equity financing and new share placing to potential investor to improve the liquidity of the Group. Assuming that the above-mentioned plans and measures will succeed and having reviewed the Group’s cash flow projections prepared by management, which cover a period of twelve months from June 30, 2026, the Board are of the opinion that, the Group will have sufficient working capital to finance its operations and to meet its financial obligations as and when they fall due within twelve months from June 30, 2026. Accordingly, the Directors are satisfied that it is appropriate to prepare the condensed consolidated financial statements on a going concern basis. Notwithstanding the above, significant uncertainties exist as to whether the Group is able to achieve its plans and measures as described above and continue to operate as a going concern. Whether the Group will be able to continue as a going concern would depend upon the following: 1. the successful and timely implementation of the plans to control costs and reduce expenditures; 2. the successful obtaining of continuous support from the banks for provision of new bank loans and renewal and extension of existing bank borrowings; 3. the successful negotiation with the suppliers and the related parties to extend the repayment dates of overdue payables; 4. the successful signing of binding agreement with third parties to license out certain of its products or pipelines; 5. the successful increase of profitability of commercialised products; and 6. the successful obtaining of financing or capital investments in the Group. Should the Group be unable to achieve the above-mentioned plans and measures and operate as a going concern, adjustments would have to be made to write down the carrying values of the Group’s assets to their recoverable amounts, to provide for any further liabilities which might arise, and to reclassify non-current assets and non-current liabilities as current assets and current liabilities, respectively. The effects of these adjustments have not been reflected in these consolidated financial statements.
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11 3. APPLICATION OF NEW AND AMENDMENTS TO IFRSS The accounting policies adopted in the preparation of the condensed consolidated interim financial statements are consistent with those applied in the preparation of the Group’s annual consolidated financial statements for the year ended December 31, 2025, except for the adoption of the following new and amendments to IFRS Accounting Standards for the first time for the current period’s financial information. New and amendments to IFRS Accounting Standards that are mandatorily effective for the current period In the reporting period, the Group has applied the following new and amendments to IFRS Accounting Standards issued by the IASB for the first time, which are mandatorily effective for the annual period beginning on or after January 1, 2026 for the preparation of the Group’s condensed consolidated interim financial statements: Amendments to IFRS 9 and IFRS 7 Contracts Referencing Nature dependent Electricity Amendments to IFRS Accounting Standards Annual Improvements to IFRS Accounting Standards – Volume 11 The application of the amendments to IFRS Accounting Standards in the current year has had no material impact on the Group’s financial positions and performance for the current and prior period and/or on the disclosures set out in these condensed consolidated interim financial statements. 4. OPERATING SEGMENT INFORMATION AND REVENUE For management purpose, the Group has only one reportable operating segment, which is the development, production, marketing and sale of medical products. Geographical information Revenue from external customers For the six months ended June 30, 2026 2025 RMB’000 RMB’000 (Unaudited) (Unaudited) Chinese Mainland 27,940 22,248 Other regions – – Total revenue 27,940 22,248 The revenue information above is based on the locations of the customers.
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12 Non-current assets For the six months ended June 30, 2026 2025 RMB’000 RMB’000 (Unaudited) (Unaudited) Chinese Mainland 724 773 Other countries/regions 48,037 61,250 Total non-current assets 48,761 62,023 The non-current asset information above is based on the locations of the assets. Information about major customers Revenue from customers which contributed over 10% of the Group’s revenue for the six months ended June 30, 2026 and 2025 is as following: For the six months ended June 30, 2026 2025 RMB’000 RMB’000 (Unaudited) (Unaudited) Customer A 18,174 16,131 Customer B – 6,073 Customer C 7,977 – Disaggregated revenue information For the six months ended June 30, 2026 2025 RMB’000 RMB’000 (Unaudited) (Unaudited) Type of goods Sales of medical products 26,617 22,248 Strategic cooperation income 1,323 – 27,940 22,248 Timing of revenue recognition A point in time 26,617 22,248 Over-time 1,323 – 27,940 22,248
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13 5. OTHER INCOME AND GAIN, NET For the six months ended June 30, 2026 2025 RMB’000 RMB’000 (Unaudited) (Unaudited) Other incomes Bank interest income 376 4 Government grants – 250 Others – 116 Total other incomes 376 370 Other gain/(loss), net (Loss)/gain on lease termination, net (4) 101,037 Foreign exchange difference, net 10,971 1,802 Gain/(loss) on disposal of property, plant and equipment – 936 Total other gains 10,967 103,775 Total other income and gain 11,343 104,145 6. (LOSS)/PROFIT BEFORE TAX (Loss)/profit before tax has been arrived at after charging/(crediting): For the six months ended June 30, 2026 2025 RMB’000 RMB’000 (Unaudited) (Unaudited) Employee benefit expenses (including directors’ and chief executive’s remuneration): Wages, salaries, bonus and welfare 12,283 20,600 Pension scheme contributions 1,529 2,410 Staff welfare expenses 592 915 Share-based payment expenses 8,883 3,746 23,287 27,671 Cost of inventories sold 9,283 6,828 Research and development costs (excluded related employee benefit expenses, depreciation and amortization) 7,106 9,347 Depreciation of property, plant and equipment 27 184 Depreciation of right-of-use assets 321 903 Amortization of intangible assets 5,032 5,326 Short-term lease payment – 37 Written-off of the right-of-use assets – 703 Written-off of the property, plant and equipment – 501 Impairment of inventories – 61 Donation 107 –
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14 7. TAXATION The Group is subject to income tax on an entity basis on profits arising in or derived from the jurisdictions in which members of the Group are domiciled and operated. No provision of profit tax has been made in the condensed consolidated financial statements as no assessable profit was derived from the jurisdictions in which member of the Group and dominated and operated for both periods. Cayman Islands Under the current laws of the Cayman Islands, the Company is not subject to tax on income or capital gains. In addition, upon payments of dividends by the Company to its shareholders, no Cayman Islands withholding tax is imposed. Hong Kong Hong Kong profits tax has been provided at the rate of 16.5% (2025: 16.5%) on the estimated assessable profits arising in Hong Kong during the period, except for one subsidiary of the Group which is a qualifying entity under the two- tiered profits tax rates regime. The first HK$2,000,000 of assessable profits of this subsidiary are taxed at 8.25% and the remaining assessable profits are taxed at 16.5%. Taiwan The subsidiary incorporated in Taiwan is subject to income tax at a rate of 20% (2025: 20%) on the estimated assessable profits arising in Taiwan during the period. Chinese Mainland Pursuant to the Corporate Income Tax Law of the PRC and the respective regulations (the “CIT Law”), the subsidiaries which operate in Chinese Mainland are subject to CIT at a rate of 25% (2025: 25%) on the taxable income. United States of America The subsidiary incorporated in Delaware, the United States was subject to statutory United States federal corporate income tax at a rate of 21% (2025: 21%) during the period. 8. DIVIDENDS The directors of the Company do not recommend the payment of an interim dividend for the six months ended June 30, 2026 (2025: Nil). 9. (LOSS)/EARNINGS PER SHARE ATTRIBUTABLE TO THE OWNERS OF THE COMPANY The calculation of the basic (loss)/earnings per share amounts is based on the (loss)/profit for the six months period attributable to the owners of the Company and the weighted average number of ordinary shares 564,114,932 (2025: 424,838,320) in issue during the period. No adjustment has been made to the basic loss per share amounts presented for the six months ended June 30, 2026 as the impact of the share options and share awards outstanding had an anti-dilutive effect on the basic loss per share amounts presented. The computation of diluted (loss)/earnings per share does not assume the exercise of the Company’s share options because the exercise price of those options was higher than the average market price for the six months ended June 30, 2025.
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15 The calculations of basic and diluted (loss)/earnings per share are based on: Six months ended June 30, 2026 2025 RMB’000 RMB’000 (Unaudited) (Unaudited) (Loss)/earnings for the purpose of basic and diluted (loss)/earnings per share (37,094) 59,238 Six months ended June 30, 2026 2025 (Unaudited) (Unaudited) Number of shares Weighted average number of ordinary shares in issue 564,114,932 424,838,320 10. TRADE RECEIVABLES June 30, 2026 December 31, 2025 RMB’000 RMB’000 (Unaudited) (Audited) Trade receivables 10,853 15,119 Impairment – – Net carrying amount 10,853 15,119 The credit period is generally 30 to 90 days. The ageing analysis of trade receivables, based on invoice dates, as at June 30, 2026 and December 31, 2025 are as follows: June 30, 2026 December 31, 2025 RMB’000 RMB’000 (Unaudited) (Audited) Within 3 months 10,853 15,119 11. TRADE PAYABLES An ageing analysis of the trade payables as at the end of the reporting period, based on the invoice date, is as follows: June 30, 2026 December 31, 2025 RMB’000 RMB’000 (Unaudited) (Audited) Within 6 months 8,120 90,318 Over 6 months 229,742 278,516 237,862 368,834
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16 The trade payables are non-interest-bearing and are normally settled in less than six months or based on the specific agreement with certain suppliers. 12. SHARE CAPITAL June 30, 2026 December 31, 2025 June 30, 2026 December 31, 2025 ‘000 ‘000 RMB’000 RMB’000 (Unaudited) (Audited) (Unaudited) (Audited) Authorised: Ordinary shares of US$0.00001 each 5,000,000 5,000,000 350 350 June 30, 2026 December 31, 2025 June 30, 2026 December 31, 2025 RMB’000 RMB’000 (Unaudited) (Audited) (Unaudited) (Audited) Issued and fully paid At beginning of the period/year 511,120,234 424,838,320 34 28 Share options exercised (note a) 289,500 1,314,250 –* –* Issue of shares (note b) 2,000,000 – –* –* Issue of shares (note c) 84,033,613 84,967,664 6 6 At the end of period/year 597,443,347 511,120,234 40 34 * Less than RMB1,000 (a) During the period ended June 30, 2026, the subscription rights attaching to 289,500 share options were exercised at the subscription price, resulting in the issue of 2,289,500 shares with a par value of US$0.00001 each for a total cash consideration of RMB344,000. An amount of RMB984,000 was transferred from the share-based payment reserve to share premium upon the exercise of the share options. (b) The Company has adopted a post-IPO share award scheme (the “ Scheme ”) on November 18, 2021. For the purposes of the awards of restricted share units (“Awards”) under the Scheme, the Company has established a trust for which Computershare Hong Kong Trustees Limited acts as the trustee. To satisfy the grant and/or settlement of the Awards, the Company allotted 2,000,000 shares of the Company to the trustee during the period ended June 30, 2026. (c) On March 10, 2026, the Company have allotted and issued a total of 84,033,613 shares to the subscriber at the subscription price of HK$2.38 per subscription share. The subscription generated gross proceeds of HKD200,000,000 (approximately to RMB177,571,000). The net proceeds receivable by the Company under the subscription was approximately HK$199,000,000 (approximately to RMB176,683,000) after deducting the relevant expenses incurred in relation to the subscription.
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17 MANAGEMENT DISCUSSION AND ANALYSIS OVERVIEW CANbridge was founded in 2012 and listed on the Main Board of HKEX in 2021. The Company is a global biopharmaceutical company, with a foundation in China, committed to the research, development and commercialization of transformative therapies to treat rare diseases. As of June 30, 2026, the Company has a comprehensive pipeline of 8 drug assets targeting prevalent rare diseases that have high unmet needs and significant market potential. The robust pipeline includes 3 marketed products (Hunterase ®, Livmarli ®, Gaurunning ®) and 1 drug candidate at the late clinical stage, covering biologics, small molecules and gene therapies. In the rare disease area, the Company currently has seven biologic and small molecule product candidates. These include MPS II (Hunter syndrome) and other lysosomal storage disorders (LSDs), complement-mediated disorders, hemophilia A, metabolic disorders and rare cholestatic liver diseases including Alagille syndrome (ALGS) and Progressive Familial Intrahepatic Cholestasis (PFIC). Furthermore, the Company is actively investing in the R&D of next-generation gene therapy technologies to develop innovative, potentially curative therapies for rare genetic diseases with limited treatment options. These efforts are intended to support the Company’s transition to a pipeline-portfolio strategy focused on First-in-Class and Best-in-Class assets, as well as to capture value-creating partnering opportunities for long-term value growth. The Company is led by a professional management team with in-depth expertise in the rare-disease sector. Core members possess end-to-end experience spanning R&D through commercialization, and most have senior working backgrounds at multinational pharmaceutical enterprises. They have systematic insights and hands-on practical experience across the full industrial chain of rare-disease medicines, from target discovery to post-launch commercialization. Dr. Qun Xue, Founder of the Company, is a pioneer in China’s rare-disease industry. He has long been deeply engaged in China’s rare-disease space and has played an instrumental role in drug R&D, ecosystem building and policy advocacy. The Company is one of the founding members of the China Rare Disease League (CHARD, ʕӼԈषᑌຑ). Dr. Qun Xue serves as Vice-Chairman of CHARD. He also holds concurrent positions as Vice-Chairman of the Drug Research Professional Committee of the China Pharmaceutical Innovation and Research Development Association (PhIRDA, ึ ), Member of the Rare-Disease Drugs Special Committee of the Chinese Pharmaceutical Association ( ʕᖹኪึ), and Vice-Chairman of the Shanghai Rare Disease Prevention and Treatment Foundation (ึ), devoting efforts to advancing and enhancing the development of the rare-disease industry. The Company has built full-value-chain capabilities covering pre-clinical research, clinical development, manufacturing and commercialization, and has established deep ecological collaboration with leading CXO industry players including WuXi AppTec (ੰᅃ), WuXi Biologics (يBaheal Medical (ᔼᖹ) and Tigermed (ᔼᖹ). Building on this foundation, the Company actively promotes in-depth integration of “industry-academia-research-medicine”. It has jointly established an innovative translation base for rare-disease genetic defects with Peking Union Medical College Hospital (̏ԯձᔼ৫), and continues to build an integrated rare-disease industrial ecosystem.
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18 PIPELINE Our Comprehensive and Diversified Pipeline CANbridge holds global rights to 4 out of 6 assets spanning biologics, small molecules and gene-therapy platforms. These assets target some of the most prevalent rare-disease indications, featuring proven mechanisms of action and significant market potential. diseases and oncology indications, with proven mechanisms and s igni/f_icant mark et potential. Hunter Syndrom e( Mucopolysaccharidosis Type II) Gaucher Disease (type 1&3 without targeting central nervou ss ystem ) Alagille Syndrome (ALGS) Hunterase ® (Idursulfase beta) LIVMARLI® (maralixibat oral solution) (velaglucerase-beta for injection ) ERT GBA CAN 204 Gene Therapy AAV ERT IDS IBAT Inhibitor In China for Chin a In China forG loba l In Globa l forG loba l Greater China Greater China Globa l Globa l Rare Disease Biologic Smal l Molecule Gene Therapy /P rivu s Discovery Ph 2/3 NDAM arketedCandidat eM echanism Partner Commercial RightsPh 1IND-enabling Dev Strategy Gaucher Disease Progressiv eF amilial Intrahepati cC holestasis (PFIC) DM A Paroxysmal Nocturnal Hemoglobinuria (PNH)CAN 106 Omoprubart Anti-C5 mAb CAN 301 ERT BBB GBA Gaurunning ® Globa l Globa l Note: The company’s early-stage pipeline includes CAN104 (Fabry disease) and CAN105 (Hemophilia A). Future development will be evaluated based on strategic priorities.
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19 BUSINESS REVIEW The Company has made significant progress with respect to its drug pipeline and business operations, including the following milestones and achievements. HUNTERASE ® (idursulfase beta injection, formerly CAN101) Hunterase ® It is in-licensed from our Korean partner GC Biopharma (formerly GC Pharma, previously Green Cross Corporation). Under the collaboration agreement with GC Biopharma, CANbridge holds the exclusive development and commercialization rights for Hunterase ® in Greater China. The product has obtained marketing approvals in more than 10 countries globally, supported by solid real-world clinical experience and proven international market validation. Mucopolysaccharidoses (MPS) represent a group of rare multisystemic disorders caused by deficiencies of lysosomal enzymes responsible for breaking down glycosaminoglycans (GAGs, also called mucopolysaccharides). MPS II is an X-linked recessive disorder arising from deficiency of iduronate-2- sulfatase (IDS), which leads to accumulation of GAGs within lysosomes. The condition predominantly affects males, with female cases extremely rare. The incidence rate among Asian populations is approximately 0.84 per 100,000 live births. The median age of initial symptom onset is generally before the age of five. Clinical manifestations include severe airway obstruction, skeletal deformities and cardiomyopathy; most patients experience progressive neurological decline and poor quality of life. Without treatment, the disease advances rapidly, with a median age at death of approximately 13.4 years. MPS was included in China’s “First National List of Rare Diseases in 2018”. Clinical guidelines and consensus statements worldwide recommend ERT as the standard-of-care for MPS II. Hunterase ® provides exogenous IDS for lysosomal uptake by cells to metabolise accumulated GAGs. As the only ERT approved for MPS II in China, Hunterase ® addresses clear unmet clinical needs and occupies a unique market position. • In September 2020, CANbridge obtained marketing approval from the National Medical Products Administration (“NMPA”) for Hunterase ®, as the first and only ERT therapy for MPS II in China. • In May 2021, CANbridge commercially launched Hunterase ® in China for the non-reimbursed market. Patient identification has accelerated since launch; 921 patients had been identified cumulatively as of June 30, 2026. We have rolled-out commercial insurance programmes (Huiminbao) across 142 cities, covering a population of 626 million in China. • In August 2026, Hunterase ® obtained marketing approval from the Taiwan Food and Drug Administration (“ TFDA ”). With this approval, Hunterase ® has obtained marketing approval in Chinese Mainland, Hong Kong and Taiwan. LIVMARLI ® (maralixibat oral solution, formerly known as CAN108) Livmarli ® is a minimally-absorbed ileal bile acid transporter (IBAT) inhibitor that blocks the enterohepatic circulation of bile acids, reduces hepatic and serum bile acid levels, mitigates resultant liver injury and relieves cholestatic pruritus (extreme itching). Livmarli ® is in-licensed from our U.S. partner Mirum Pharmaceuticals, Inc. (“ Mirum ”). Under the agreement with Mirum, CANbridge holds the exclusive rights for the development, commercialization and, under certain conditions, manufacturing of Livmarli ® in Greater China.
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20 Livmarli ® is indicated for rare genetic cholestatic liver diseases including Alagille syndrome (ALGS) and Progressive Familial Intrahepatic Cholestasis (PFIC). ALGS is an autosomal-dominant multisystem disorder characterized by intrahepatic bile duct paucity, which may result in cholestasis, severe pruritus and progressive liver injury. Its incidence ranges from 1 in 30,000 to 1 in 50,000 live births, and it was included in China’s “Second National List of Rare Diseases” in 2023. PFIC is a group of rare genetic liver diseases caused by defects in hepatocellular transport proteins leading to intrahepatic cholestasis. Symptoms including severe pruritus, jaundice and liver failure manifest from infancy; 70-80% of patients will ultimately require liver transplantation, with an incidence ranging from 1 in 50,000 to 1 in 100,000 live births. Livmarli ® has been granted Breakthrough Therapy Designation by the U.S. Food and Drug Administration (“FDA”) for ALGS and PFIC Type II, as well as Orphan Drug Designation for ALGS and PFIC. In Europe, the European Medicines Agency (“EMA”) has granted Orphan Medicinal Product Designation for ALGS and PFIC. In Taiwan, Livmarli ® has obtained Orphan Drug Designation from the Taiwan Food and Drug Administration (“TFDA”), enjoying ten-year market exclusivity. • As of December 31, 2024, Livmarli ® gained marketing approvals for ALGS in mainland China, Hong Kong and Taiwan, and marketing approval for PFIC in Taiwan. These broad approvals make Livmarli ® the first and only approved product for the treatment of cholestatic pruritus in patients with ALGS across these regions. • In May 2024, the approved patient population for Livmarli ® in mainland China was expanded from patients aged one year and older to patients aged three months and above. • In December 2024, Livmarli ® obtained marketing approval in Taiwan for the treatment of cholestatic pruritus in PFIC patients aged three months and older. • In December 2024, the approved patient population for Livmarli ® in Taiwan was expanded from patients aged one year and older to ALGS patients aged two months and above. • In January 2024, CANbridge commercially launched Livmarli ® in China for the non-reimbursed market. Patient identification has accelerated since launch; 920 ALGS patients had been identified cumulatively as of June 30, 2026. We have rolled-out commercial insurance programmes (Huiminbao) across 64 cities, covering a population of 299 million in China. • On August 14, 2026, Livmarli ® obtained reimbursement approval from the National Health Insurance Administration (“ NHIA ”) of Taiwan, with the reimbursement coverage effective September 1, 2026. As the first approved therapy for ALGS and PFIC in Taiwan, Livmarli ® gaining NHIA reimbursement approval for both indications marks a significant milestone for patients living with ALGS and PFIC. This development will immediately and substantially alleviate the financial burden on patient families in Taiwan.
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21 GAURUNNING ® (velaglucerase-beta for injection, formerly known as CAN103) Gaurunning ® (velaglucerase-beta for injection) obtained marketing approval from NMPA in May 2025. It is the first domestically independently-developed long-term ERT for adolescents aged 12 and above and adults with Type I and Type III Gaucher disease. Gaucher disease is caused by a deficiency of glucocerebrosidase (acid ƺ -glucosidase), an enzyme that breaks down glucocerebroside (glucosylceramide), a membrane-bound cellular glycosphingolipid within lysosomes. Glucocerebroside accumulates predominantly in monocyte-macrophage cells in certain organs, forming characteristic Gaucher cells and resulting in splenomegaly, hepatomegaly, anemia, thrombocytopenia, bone pain and fractures. Early-onset neurological manifestations may occur in severe forms of Gaucher disease (perinatal-lethal, Type II and Type III). Gaucher disease was included in the China’s “First National List of Rare Diseases” in 2018. Administered via intravenous infusion, Gaurunning ® specifically replenishes the glucocerebrosidase deficient within the lysosomes of Gaucher disease patients. The Company holds global proprietary rights for the development and commercialization of the product. As an innovative biologic drug, Gaurunning ® can fully replace comparable imported products. Its expected materially lower treatment cost is poised to substantially reduce patients’ long-term financial burden and fundamentally improve the accessibility and sustainability of therapy for Gaucher disease patients worldwide. • In March 2025, CANbridge (Shanghai) Life Sciences Ltd., a wholly-owned subsidiary of the Company and the marketing authorization holder for Gaurunning ®, successfully passed the registration verification and pre-marketing GMP compliance inspection for the divided manufacturing pilot product. Gaurunning ® represents the first innovative biologic product in China to pass the divided manufacturing inspection for biological products. • In May 2025, Gaurunning ®, an innovative biologic drug for the treatment of Type I and Type III Gaucher disease, obtained marketing approval in China. • In December 2025, Gaurunning ® was included in China’s first commercial health insurance innovative drug list. • Since launch, patient identification has accelerated; 42 Gaucher disease patients had been identified as of June 30, 2026. We have rolled out commercial insurance programmes (Huiminbao) across 40 cities, covering a population of 175 million in China. • In July 2026, the Company fully initiated registration procedures and commercial readiness work for Gaurunning ® covering key North African markets. Launch preparations for Gaurunning ® in the region have commenced. Expansion into North Africa constitutes the first important milestone for Gaurunning ® in building its global Gaucher disease footprint. Gaucher disease in North Africa presents a substantial and growing market with significant unmet clinical needs.
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22 • In addition, the Company is actively advancing the registration procedures for Gaurunning ® in Hong Kong. • In August 2026, an NMPA-approved registration trial is ongoing, aiming to expand Gaurunning ®’s label to children aged 2 to 12 years. CAN106 (OMOPRUBART) CAN106 is a novel, long-acting, monoclonal antibody directed against C5 complement that is being developed for the treatment of complement-mediated diseases, including paroxysmal nocturnal hemoglobinuria (PNH), myasthenia gravis (MG), as well as other approved and emerging potential complement-related indications. Based on clinical data, CAN106 has demonstrated a favorable PK/ PD profile, safety and tolerability, indicating that CAN106 has the potential to effectively inhibit C5 in patients with PNH with a convenient four-week dosing frequency. • CANbridge obtained global rights to develop, manufacture and commercialize CAN106 in PNH, as well as for other complement-mediated diseases that involve activation of the C5 protein, from WuXi Biologics Ireland Limited and Privus Biologics, LLC in 2019 and 2020, respectively. • CAN106 has received Orphan Drug Designation from the FDA for the treatment of MG, an autoimmune neuromuscular disease that causes muscle weakness. CAN106 is eligible to receive the benefits provided under the Orphan Drug Act, including 50% tax credit for qualifying clinical trials, waivers for regulatory submission fees, eligibility to receive federal research grants, and upon marketing authorization for MG, 7 years of market exclusivity. • In June 2023, CANbridge announced positive preliminary results from the ongoing Phase 1b study of CAN106 being conducted in China for PNH. The trial is being conducted under the direction of principal investigator, Dr. Bing Han, MD, PhD, Chief Physician and Professor in the Department of Hematology at Peking Union Medical College Hospital in Beijing, China. CAN106 showed doseproportional exposure and rapid, dose-dependent reductions in free C5 levels within 24 hours, with all subjects in Cohort 3 maintaining values below 0.5 ug/mL, a threshold for complete C5 inhibition. CAN106 was safe and well-tolerated at all doses, and all drug-related adverse events were mild or moderate and transient, and none led to discontinuation from the study. There were no drug-related serious adverse events, and no cases of anaphylaxis or meningococcal infection. • Complement-mediated diseases amenable to treatment with an anti-C5 antibody remain an area of broad interest, demonstrating potential for CAN106 in multiple indications beyond PNH. • We view CAN106 as a strong candidate in addressing multiple complement mediated diseases. CANbridge is exploring opportunities, either independently or through partnerships, with the aim to advance CAN106 to a late-stage clinical development track with substantial potential financial values.
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23 CAN204 GENE THERAPY Gene Therapy, a CANbridge-developed area of excellence, is a therapeutic modality that includes adeno- associated virus (AAV) as a gene delivery vehicle due to its potential to be a safe and durable one-time treatment for many genetic diseases. Duchenne Muscular Dystrophy (DMD), the most common form of progressive muscular dystrophy, is Entry No.98 in China’s “First National List of Rare Diseases” published in 2018. It is an X-linked inherited neuromuscular rare disease that predominantly affects boys. Patients typically succumb to disease in their twenties due to cardiac and respiratory muscle weakness. There are approximately 50,000 DMD patients in China, and substantial unmet clinical need exists globally. The Group’s next-generation dual-AAV vector DMD gene therapy (CAN204) is built upon the StitchR ™ RNA assembly dual-vector technology platform licensed from Scriptr Global. It enables high-fidelity, efficient delivery of larger gene payloads via two independent AAVs. For CAN204, the encoded midi- Dystrophin protein for DMD is more than twice the length of the micro-Dystrophins used in first- generation gene therapies. The protein design of CAN204 is directly informed from human genetics, allowing the production of a truncated dystrophin longer than those described in patients with mild forms of Becker muscular dystrophy, reducing technical-failure-related risks from a biological design standpoint. This therapy has the potential to become a transformative treatment for DMD. • In November 2024, CANbridge and Scriptr announced publication in the journal Science reporting the discovery of the StitchR ™ RNA assembly technology and its application for the treatment of muscular dystrophies. • As of December 31, 2025, we have successfully completed in vivo proof-of-concept studies in mice and obtained key preclinical data for DMD. • In H1 2026, we continue to advance the screening and evaluation of multiple AAV capsids for robust delivery of StitchR ™ to the muscle and heart and optimise the therapeutic payload. Preparations for subsequent non-human-primate studies are ongoing. We are steadily accumulating preclinical data to progress the development of our DMD gene therapy, with a view to ultimately generating clinical proof-of-concept data in humans. New Global Pipeline CAN301: Next-Generation BBB-Penetrant ERT Candidate for Gaucher Disease We have initiated the in-house research and development of CAN301, a next-generation therapeutic pipeline asset for Gaucher disease. CAN301 is a glucocerebrosidase (GCase) enzyme replacement therapy (ERT) paired with central nervous system (CNS) targeting. CAN301 is CANbridge’s first program leveraging its development of a technology platform for CNS macromolecule delivery and therefore aims to specifically address the unmet clinical need of CNS manifestations associated with Type 3 Gaucher disease, thereby serving as an upgraded successor to our marketed product, Gaurunning ® (formerly CAN103). We are steadily advancing a suite of preclinical R&D activities for CAN301, including platform establishment, novel molecular screening and in vivo proof-of-concept (POC) studies, alongside parallel work on intellectual property protection and expansion of our CNS delivery platform into additional disease indications.
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24 As the second-generation CNS-targeted therapy following Gaurunning ®, CAN301 forms a synergistic and complementary product portfolio with our first-generation marketed asset. It addresses the treatment gap for CNS pathology, expands the overall target patient population, and further strengthens the Group’s market reach in Gaucher disease and related disorders. Strategic Investment by WuXi Biologics On February 15, 2026, the Company entered into the Subscription Agreement with WuXi Biologics HealthCare Venture, an indirectly wholly-owned investment entity of WuXi Biologics, pursuant to which 84,033,613 new shares were allotted at a subscription price of HK$2.38 per share, raising gross proceeds of approximately HK$200.0 million. 60% of the proceeds will be utilised for settlement of the Group’s trade payables, 28% for research and development expenses of the existing pipeline, and 12% for working capital and registration maintenance of commercialised products. Upon completion of the transaction, the WuXi Biologics affiliate held a 16.27% equity interest in the Company and became the second substantial shareholder of the Company. As a world-leading integrated biologic CRDMO service provider, WuXi Biologics has established long- term in-depth business collaboration with the Group. This equity cooperation delivers deep synergy between industrial capital and business partnership, and continuously consolidates the Group’s leading position in the rare disease biologic sector in China. Market Opportunities in the Rare-Disease Industry The global orphan-drug space features unique industrial attributes and long-term growth potential. The vast majority of rare diseases stem from genetic mutations with relatively well-understood pathogenic mechanisms, which materially boost the R&D success rate of candidate therapies. Commercial activities in this sector are highly targeted: academic promotion only needs to focus on a small pool of specialist physicians and designated hospitals, delivering outstanding operational efficiency. Many jurisdictions worldwide have put in place supportive regulatory incentives. Represented by the U.S. Orphan Drug Act and expedited review pathways, such policies lower barriers for R&D and commercialization through market exclusivity and accelerated approval timelines. According to an IMARC Group report, the global orphan-drug market is projected to grow from USD214.8 billion in 2023 to USD541.3 billion in 2032 1, demonstrating solid growth certainty. Compared with developed markets, developing countries exhibit low penetration rates for rare-disease drugs given their immature screening and diagnosis systems, leaving substantial room for future improvement. 1 https://www.imarcgroup.com/orphan-drugs-market
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25 China’s rare-disease industry is expected to continue benefiting from multi-dimensional national regulatory and supportive reimbursement policies, with the overall operating environment for the sector continuously improving. On the regulatory front, authorities have streamlined R&D and marketing application procedures for rare-disease drugs and opened dedicated approval pathways. Enterprises are permitted to directly leverage global multi-center clinical trial data to support domestic registration applications. Coupled with incentive mechanisms such as priority review and conditional approval, these measures have substantially shortened the time-to-market for innovative rare-disease therapies. In terms of disease-category governance, China issued its First National List of Rare Diseases covering 121 conditions in 2018, followed by the second list adding 86 conditions in 2023. Taken together, the two editions cover 207 rare diseases in total, establishing a clear standardized framework for rare-disease screening, diagnosis, clinical R&D and market commercialization. Major upgrades have also taken place in the reimbursement security system. In January 2025, the National Healthcare Security Administration (NHSA) unveiled the 2025 National Reimbursement Drug List adjustment framework, introducing for the first time the Class C commercial health insurance innovative drug list. Serving as an important complement to the basic medical insurance Class A and Class B lists, the Class C list specifically includes high-innovation frontier products such as rare-disease specialty drugs and gene therapies with prominent clinical value yet high price points. Supplementary payment channels are built via commercial health insurance, supported by supportive policies including exemption from self-payment ratio assessment and exclusion from certain centralized procurement monitoring scope, broadening reimbursement pathways for innovative rare-disease drugs. From the perspective of R&D incentives, the revised Regulations for the Implementation of the Drug Administration Law , which formally took effect in May 2026, established China’s first market exclusivity protection regime for rare-disease drugs. Qualified new rare-disease therapeutics with commitments to stable supply may enjoy up to seven years of market exclusivity, during which no identical products will be granted marketing approval. This mechanism effectively safeguards returns on corporate R&D investment and fully stimulates industrial incentives to develop rare-disease treatments. According to Frost & Sullivan data, approximately 80% of rare diseases are genetic disorders 2. Gene therapies, which hold curative potential by targeting the root causes of illnesses, represent a highly promising innovative therapeutic direction for the industry. Driven by iterative advances in viral vector and gene-editing technologies, multiple gene therapy products have achieved commercialization globally. Our forward-looking development of cutting-edge pipelines such as the DMD dual-vector gene therapy is precisely anchored in the pathogenic mechanisms of rare diseases, aiming to address unmet medical needs with root-cause-oriented therapeutic solutions. 2 https://www.frostchina.com/content/news/detail/68afe91c2cd88e5f3d93f806
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26 OUTLOOK Going forward, the Company will fully capitalise on the substantial market opportunities and continuously-improving policy environment in the rare-disease space, and further deepen its dual-driven strategy of R&D and commercialization: 1) Commercial sales: Leveraging Baheal Zhihe, our exclusive CSO, the Company will continue to drive sales expansion and improve patient-medicine accessibility for its three marketed products, Hunterase ®, Livmarli ® and Gaurunning ®, in domestic markets, and pursue the overseas-market layout and commercial expansion of its in-house developed product Gaurunning ® in an orderly manner. With Livmarli ® included under Taiwan’s national-health-insurance reimbursement coverage, the Taiwan market is expected to deliver material revenue growth and provide solid support to the Company’s overall business performance. 2) R&D: The Company will continue to advance global business-development (BD) collaborations to fully unlock the commercial potential of its in-house pipeline. Meanwhile, it will keep expanding its technology-platform matrix, drive iterative upgrades to existing products, and proactively lay out first-in-class cutting-edge technologies and innovative drug candidates. Backed by the Company’s first-mover advantages in the rare-disease sector, deep-collaboration benefits from leading CXO partners across the full industrial chain, and sustained favourable industrial-policy support at the national level, CANbridge will accelerate the re-evaluation of corporate value and deliver long-term, stable and sustainable investment returns to its shareholders.
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27 Manufacturing In March 2025, we announced that Gaurunning ®, for which CANbridge (Shanghai) Life Sciences Ltd., the Company’s wholly-owned subsidiary, acts as the marketing authorization holder, successfully passed the pre-approval inspection and premarketing GMP compliance inspection for the pilot biological product of divided manufacturing. Gaurunning ® was the first innovative biological product in China to pass the inspection of divided manufacturing of biological products. We have secured manufacturing capacity for selected in-licensed programs, including from third party collaboration partners such as WuXi Biologics, GC Biopharma and Mirum. We aim to balance cost efficiency and quality control of our drug products and/or candidates. In an effort to advance our gene therapy pipelines, we are exploring manufacturing strategy for gene therapy that can help us to achieve high quality and capital efficiency and anticipate using CDMO to enable the further development of our gene therapy products. Commercialization In August 2025, Beijing Baheal Zhihe Medical Achievement Transformation Service Co., Ltd. (“Baheal Zhihe”), a subsidiary of Baheal Medical, became the Company’s exclusive contract sales organisation (CSO) to promote our three core commercial products, Hunterase ®, Livmarli ® and Gaurunning ®, in mainland China, Hong Kong and Macau. Pursuant to the agreement, upon request by Baheal Zhihe, its affiliate shall be appointed as the exclusive distributor in mainland China. As at the end of 2025, the Company successfully completed the transfer of promotion and distribution arrangements to Baheal, ensuring continuity and efficiency of operational processes. During the first half of 2026, Baheal Zhihe officially commenced commercial-operation activities for the three products. Teams from both parties worked closely together to advance national-level and local market-access initiatives for all three products, while generating joint efforts across multiple dimensions including marketing, channel management and patient-service programmes. The collaboration accelerates early-patient identification and treatment conversion, striving to translate increased disease awareness rates into tangible improvements in patient-medication accessibility. As at 30 June 2026, the shareholding percentage of Baheal Medical related parties in the Company increased to 17.07%, reflecting the strategic shareholder’s recognition of the Company’s long-term value. Beyond the mainland-China market, the Company’s commercial team is actively advancing commercial- layout initiatives for Taiwan, Hong Kong and overseas markets, and positive progress has been achieved across various initiatives. Please refer to the respective product-line descriptions above for further details.
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28 KEY EVENTS AFTER THE REPORTING PERIOD Save as disclosed in this announcement, the Company has no key events after the Reporting Period that need to be brought to the attention of the shareholders of the Company (the “Shareholders”). FINANCIAL REVIEW Overview The following discussion is based on, and should be read in conjunction with, the financial information and notes included elsewhere in this announcement. Revenue Our revenue increased by RMB5.7 million from RMB22.2 million for the six months ended June 30, 2025 to RMB27.9 million for the six months ended June 30, 2026, which was mainly attributable to the increase of sales from Hunterase and Livmarli. Cost of Sales Our cost of sales increased by RMB2.5 million from RMB6.8 million for the six months ended June 30, 2025 to RMB9.3 million for the six months ended June 30, 2026, which was primarily attributable to the increase in costs incurred as a result of the increased sales of commercialized products. Gross Profit and Gross Profit Margin Our gross profit increased by RMB3.2 million from RMB15.4 million for the six months ended June 30, 2025 to RMB18.7 million for the six months ended June 30, 2026. Our gross profit margin for the six months ended June 30, 2026 was 66.8% (for the six months ended June 30, 2025: 69.3%). Other Income and Gains Our other income and gains decreased by RMB92.8 million from RMB104.1 million for the six months ended June 30, 2025 to RMB11.3 million for the six months ended June 30, 2026, primarily due to a gain of RMB101.0 million arising from the US lease termination in the six months ended June 30, 2025. The gain arose as the tenant, a wholly-owned subsidiary of the Company, and the US lease property’s landlord entered into a termination agreement to early terminate the lease related to the US leased property on February 24, 2025 with effect from February 28, 2025. Since the right-of-use assets related to the US lease property had been fully written off as of December 31, 2024, the lease liabilities and other payables of approximately RMB97.7 million and RMB3.3 million, respectively, were derecognised and credited to profit or loss during the six months ended June 30, 2025.
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29 Selling and Distribution Expenses Our selling and distribution expenses increased by RMB8.2 million from RMB22.7 million for the six months ended June 30, 2025 to RMB30.9 million for the six months ended June 30, 2026, mainly due to investment in the launch of commercialization of new product (i.e. Gaurunning ®) and one-time costs arising from the switch from a self-operated sales model to a CSO model. Administrative Expenses Our administrative expenses increased by RMB6.7 million from RMB16.6 million for the six months ended June 30, 2025 to RMB23.3 million for the six months ended June 30, 2026, primarily due to higher share-based payment expenses arising from newly granted equity incentives, together with increased professional service fees related to financing activities. Research and Development Expenses Our research and development expenses decreased by RMB5.5 million from RMB18.0 million for the six months ended June 30, 2025 to RMB12.5 million for the six months ended June 30, 2026, which was mainly due to lower operational costs resulting from the completion of previous clinical trials, as well as the fact that new R&D projects had just been initiated in the second quarter of 2026. Six months ended June 30, 2026 2025 Research and development expenses RMB’000 RMB’000 Staff costs 5,392 8,629 Testing and clinical trial expenses 4,162 6,818 License fees – – Depreciation and amortization 6 14 Other expenses 2,944 2,529 Total 12,504 17,990 Other expenses Our other expenses decreased by RMB1.2 million from RMB1.3 million for the six months ended June 30, 2025 to RMB0.1 million for the six months ended June 30, 2026, which was primarily due to the absence of provision for impairment of right-of-use assets and the property, plant and equipment.
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30 Finance Costs Our finance costs decreased by RMB1.6 million from RMB1.8 million for the six months ended June 30, 2025 to RMB0.2 million for the six months ended June 30, 2026, primarily due to the decrease of bank loan interest expenses and interest on lease liabilities. Non-IFRS Measures In addition to the Group’s consolidated financial statements, which are presented in accordance with IFRSs, the Company also uses adjusted loss for the period as an additional financial measure, which is not required by, or presented in accordance with IFRSs. We present this financial measure because it is used by our management to evaluate our financial performance by eliminating the impacts of items that we do not consider indicative of our performance results. The Company believes that these adjusted measures provide additional information to investors and others, helping them to understand and evaluate our consolidated results of operations in the same manner as our management, and thus, facilitate comparisons of operating performance from period to period and company to company to the extent applicable. We define adjusted profit/loss for the period as profit/(loss) for the period excluding the effect of share- based payment expenses, written-off of right-of-use assets and gain/(loss) on lease termination. The term adjusted profit/loss for the period is not defined under the IFRSs. The use of this non-IFRS measure has limitations as an analytical tool, and you should not consider it in isolation from, or as substitute for analysis of, the Group’s results of operations or financial condition as reported under IFRSs. The table below sets forth a reconciliation of the adjusted profit/loss for the period during the periods indicated: Six months ended June 30, 2026 2025 RMB’000 RMB’000 (Loss)/profit for the period (37,094) 59,238 Add: Share-based payment expenses (1) 8,883 3,746 Written-off of right-of-use assets (2) – 703 Less: (Loss)/gain on lease termination (3) (4) 101,037 Adjusted loss for the period (28,207) (37,350)
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31 Notes: (1) This represents the compensation for employee services, settled by issuing shares, share options, linked to share price. Such expenses are accounted for under IFRS 2 and are recognized in the profit and loss statement over the vesting period, based on the fair value at grant date. This item is adjusted as it is non-cash, and is not expected to result in the Group’s future cash inflow or outflow. (2) This represents the lease properties terminated early or are no longer expected to provide future economic benefits to the Group. This item is adjusted as it is non-cash, and is not expected to result in the Group’s future cash inflow or outflow. (3) This represents the recognition of a financial gain/(loss) that occurs when a lease ended early and the difference between the carrying amounts of the right-of-use asset and the lease liability. The item is adjusted as it is non-cash, and is not expected to result in the Group’s future cash inflow or outflow. Capital Management The primary objectives of the Group’s capital management are to safeguard the Group’s ability to continue as a going concern and to maintain healthy capital ratios in order to support its business and maximize Shareholders’ value. The Group manages its capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. To maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. There is no material seasonality of borrowing requirements for the Group. Liquidity and Financial Resources Our cash and bank balances as of June 30, 2026 were RMB88.1 million, of which RMB29.8 million, RMB41.0 million, RMB16.3 and RMB1.0 million, were denominated in RMB, USD, HKD and TWD, respectively. As compared to RMB66.6 million as of December 31, 2025, the increase of cash and bank balances was primarily attributable to financing from subscription and bank loans. Our primary uses of cash are to fund research and development efforts, milestone payments and working capital and for other general corporate purposes. Funding and Treasury Policy The Group adopts a prudent funding and treasury policy, aiming to maintain an optimal financial position and minimal financial risks. The Group regularly reviews its funding requirements to maintain adequate financial resources in order to support its business operations as well as its research and development, business operation and expansion plans. For the six months ended June 30, 2026, we funded our operations primarily through revenue generated from sales of commercialized products, share subscription and debt financing. We closely monitor the uses of cash and cash equivalents to ensure that our financial resources have been used in the most cost-effective and efficient way. We also consider and will endeavor to seek various funding sources depending on the Group’s funding needs.
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32 Bank Loans and Other Borrowings Our bank loans and other borrowings as of June 30, 2026 were RMB28.0 million (December 31, 2025: RMB15.0 million). All of our bank loans and other borrowings as of June 30, 2026 were denominated in RMB and carried fixed nominal interest rates ranging from 2.65% to 3.45% per annum. Current Ratio Current ratio (calculated by current assets divided by current liabilities) of the Group as of June 30, 2026 was 42.9% (December 31, 2025: 24.2%). The increase in current ratio was primarily due to the increase in cash and bank balances, and the decrease in trade payables as of June 30, 2026. Gearing Ratio The gearing ratio (calculated by total interest-bearing borrowings divided by total assets) of the Group as of June 30, 2026 was 14.5% (December 31, 2025: 9.1%). Foreign Currency Risk We have transactional currency exposures. Certain of our cash and bank balances, trade receivables and other receivables and trade and other payables are denominated in non-functional currencies and exposed to foreign currency risk. We currently do not have a foreign currency hedging policy. However, the management monitors foreign exchange exposure and will consider hedging significant foreign currency exposure should the need arise. Contingent Liabilities As of June 30, 2026, we did not have any material contingent liabilities. Capital Expenditure and Commitments The Group’s capital expenditures during the six months ended June 30, 2026 were primarily related to the purchase of property, plant and equipment. During the six months ended June 30, 2026, the Group incurred RMB84,000 in relation to capital expenditures. Charges on Group Assets As of June 30, 2026, the Group did not have any charges over its assets. Significant Investment Held As of June 30, 2026, the Group did not have any significant investments.
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33 Material Acquisition and Disposal of Subsidiaries, Associates and Joint Ventures The Group did not have any material acquisitions and disposals of subsidiaries, associates and joint ventures during the Reporting Period. Save as otherwise disclosed in the Prospectus, the Group does not have any specific future plans on material investments or capital assets as of the date of this announcement. Share Schemes Pre-IPO Equity Incentive Plan The Company adopted the 2019 equity incentive plan (the “Pre-IPO Equity Incentive Plan”) on July 25, 2019 and amended it on June 11, 2021. The maximum number of the ordinary shares in the share capital of the Company (the “Shares”) that may be subject to the awards granted and sold under the Pre-IPO Equity Incentive Plan is 54,549,230 Shares and share options (including those have subsequently lapse or been fully exercised) to subscribe for 55,708,000 Shares thereof had been granted. No share options were granted under the Pre-IPO Equity Incentive Plan after the Company’s listing. During the Reporting Period, nil options were exercised, and 886,000 options lapsed. As of June 30, 2026, the Company had 20,767,760 options outstanding. Post-IPO RSU Scheme The Company has conditionally adopted the post-IPO RSU scheme by Shareholders’ resolution dated November 18, 2021 and amended on June 27, 2024 (the “Post-IPO RSU Scheme”). On June 27, 2024, the scheme limit for the Post-IPO RSU Scheme was refreshed. Accordingly, the maximum number of Shares which may be allotted and issued in respect of all awards that may be granted under the Post-IPO RSU Scheme, when aggregated with the maximum number of Shares in respect of which options or awards may be granted under any other share scheme over Shares, shall not exceed 10 per cent of the issued capital of the same class of the Company (excluding any treasury shares) as of June 27, 2024 (or of the date on which the refreshing of the 10 per cent limit is approved by the shareholders of the Company). All outstanding RSUs granted prior to June 27, 2024, and awards lapsed in accordance with the terms of the Post-IPO RSU Scheme, shall not be counted for the purpose of calculating the scheme limit.
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34 During the Reporting Period, the Company granted 6,372,575 RSUs to 28 grantees on January 12, 2026 and 6,372,574 RSUs to Dr. Xue on April 10, 2026 respectively under the Post-IPO RSU Scheme. The grant of RSUs to Dr. Xue was approved by the independent Shareholders’ at the annual general meeting held on June 23, 2026. Accordingly, the maximum number of RSUs available for grant under the Post- IPO RSU Scheme (i.e. maximum number of Shares which may be allotted and issued), taking into account the number of Shares in respect of which options or awards already granted under any other share scheme over Shares, was 30,432,790, representing approximately 5.09% of the total number of Shares in issue (excluding treasury shares) as at June 30, 2026. During the Reporting Period, 748,107 RSUs lapsed. As of June 30, 2026, the Company had 16,578,792 RSUs outstanding. Post-IPO Share Option Scheme The Company has conditionally adopted the post-IPO share option scheme by the Shareholders’ resolution dated November 18, 2021 and amended on June 27, 2024 (the “ Post-IPO Share Option Scheme”). On June 27, 2024, the scheme limit for the Post-IPO Share Option Scheme was refreshed. Accordingly, the maximum number of Shares which may be allotted and issued in respect of all options that may be granted under the Post-IPO Share Option Scheme, when aggregated with the maximum number of Shares in respect of which options or awards may be granted under any other share scheme over Shares, shall not exceed 10 per cent of the issued capital of the same class of the Company (excluding any treasury shares) as of June 27, 2024 (or of the date on which the refreshing of the 10 per cent limit is approved by the shareholders of the Company). All outstanding options granted prior to June 27, 2024, and options lapsed in accordance with the terms of the Post-IPO Share Option Scheme, shall not be counted for the purpose of calculating the scheme limit. During the Reporting Period, the Company granted 6,372,575 share options at an exercise price of HK$2.32 per Share to 30 grantees on January 12, 2026 and 6,372,574 share options at an exercise price of HK$2.724 per Share to Dr. Xue on April 10, 2026 respectively under the Post-IPO Share Option Scheme. The grant of Options to Dr. Xue was approved by the independent Shareholders’ at the annual general meeting held on June 23, 2026. Accordingly, the maximum number of options available for grant under the Post-IPO Share Option Scheme (i.e. maximum number of Shares which may be allotted and issued), taking into account the number of Shares in respect of which options or awards already granted under any other share scheme over Shares, was 30,346,915, representing approximately 5.08% of the total number of Shares in issue (excluding treasury shares) as at June 30, 2026. During the Reporting Period, 289,500 share options were exercised, and 863,232 share options lapsed. As of June 30, 2026, the Company had 20,341,917 share options outstanding.
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35 CORPORATE GOVERNANCE AND OTHER INFORMATION Compliance with the Corporate Governance Code (“CG Code”) The Company is committed to maintaining high standard of corporate governance to safeguard the interests of the Shareholders, enhance corporate value, formulate its business strategies and policies, and enhance its transparency and accountability. The Company has complied and adopted the principles and the code provisions of the CG Code as set out in Appendix C1 to the Listing Rules as its own code of corporate governance. The Board is of the view that the Company has complied with the principles and all applicable code provisions of the CG Code during the Reporting Period, save for the deviation from C.2.1 of the CG Code as disclosed below. We have not separated the roles of the Chairman of the Board and the Chief Executive Officer. Dr. Xue has served as chairman of the board and general manager of CANbridge Life Sciences Ltd. since June 2012 and as Chairman of the Board, Director and Chief Executive Officer since the inception of our Company in January 2018. Dr. Xue is the founder of the Group and has extensive experience in the business operations and management of our Group. Our Board believes that, in view of his experience, personal profile and his roles in our Company, Dr. Xue is the Director best suited to identify strategic opportunities and focus of the Board due to his extensive understanding of our business as our Chief Executive Officer. Our Board also believes that the combined role of Chairman of the Board and Chief Executive Officer can promote the effective execution of strategic initiatives and facilitate the flow of information between management and the Board. Our Directors consider that the balance of power and authority will not be impaired due to this arrangement. In addition, all major decisions are made in consultation with members of the Board, including the relevant Board committees, and four independent non-executive Directors. The Board will review the corporate governance structure and practices from time to time and shall make necessary arrangements when the Board considers appropriate. Compliance with Model Code The Company has adopted a code of conduct regarding Directors’ securities transactions on terms no less exacting than the required standard set out in the Model Code for Securities Transactions by Directors of Listed Issuers set out in Appendix C3 to the Listing Rules (the “Model Code”). Specific enquiries have been made to all the Directors and they have confirmed that they have complied with the Model Code during the Reporting Period.
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36 Purchase, Sale or Redemption of the Company’s Listed Securities Neither the Company nor any of its subsidiaries has purchased, sold or redeemed any of the Company’s listed securities during the Reporting Period (including sale of treasury shares (as defined under the Listing Rules)). As at June 30, 2026, the Company did not hold any treasury shares. Employee and Remuneration Policy As of June 30, 2026, the Group had 39 employees (December 31, 2025: 41 employees) and 15 external consultants. The Group’s employees’ remuneration consists of salaries, bonuses, share-based incentive plans, an employees’ provident fund, and social security contributions and other welfare payments. In accordance with applicable laws in China and other relevant jurisdictions, we have made contributions to social security insurance funds (including pension plans, unemployment insurance, work-related injury insurance, medical insurance and maternity insurance) and housing funds for the employees of the Group. We conduct new staff training regularly to guide new employees and help them adapt to the new working environment. In addition, we provide on-line and in-person formal and comprehensive company-level and department-level training to our employees periodically in addition to on-the-job training. We also encourage our employees to attend external seminars and workshops to enrich their technical knowledge and develop competencies and skills. During the Reporting Period, the total staff costs (including Director’s emoluments) were approximately RMB23.3 million (for the six months ended June 30, 2025: RMB27.7 million). INTERIM DIVIDEND The Board has resolved not to declare the payment of an interim dividend for the six months ended June 30, 2026 (six months ended June 30, 2025: nil). AUDIT COMMITTEE AND REVIEW OF INTERIM RESULTS The audit committee of the Board (the “ Audit Committee ”) has three members comprising Mr. Peng Kuan Chan (chairperson), Mr. James Arthur Geraghty and Dr. Richard Arthur Moscicki, with its terms of reference in compliance with the Listing Rules. The Audit Committee has considered and reviewed the unaudited interim results and the interim report of the Group for the six months ended June 30, 2026 and the accounting principles and practices adopted by the Group, and has discussed with management and external auditor on issues in relation to, among others, financial reporting. The Audit Committee is of the opinion that the unaudited interim results of the Group for the six months ended June 30, 2026 are in compliance with the relevant accounting standards, laws and regulations.
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37 Further, the Group’s unaudited interim condensed consolidated financial information for the six months ended June 30, 2026 has been reviewed by HLB Hodgson Impey Cheng Limited (“HLB”), the Company’s auditor, in accordance with Hong Kong Standard on Review Engagements 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” (“ HKSRE 2410”) issued by the Hong Kong Institute of Certified Public Accountants. EXTRACT OF INDEPENDENT REVIEW REPORT ON THE INTERIM FINANCIAL INFORMATION The following is an extract of the HLB’s Review Report. CONCLUSION Based on our review, nothing has come to our attention that causes us to believe that the condensed consolidated financial statements are not prepared, in all material respects, in accordance with IAS 34. MATERIAL UNCERTAINTY RELATED TO GOING CONCERN We draw attention to Note 2 to the condensed consolidated financial statements, which indicates that the Group incurred a net loss of RMB37,094,000 during the six months ended June 30, 2026 and as at June 30, 2026, the Group had net current liabilities and net liabilities of RMB193,377,000 and RMB195,930,000 respectively. These conditions, along with other matters as set forth in Note 2 to the condensed consolidated financial statements, indicate the existence of a material uncertainty which may cast significant doubt on the Group’s ability to continue as a going concern. Our conclusion is not modified in respect of this matter. The above Note 2 to the condensed consolidated financial statements is disclosed as Note 2 to this announcement. PUBLICATION OF INTERIM RESULTS AND INTERIM REPORT This results announcement is published on the Company’s website (www.canbridgepharma.com) and the website of the Stock Exchange (www.hkexnews.hk).
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38 The 2026 interim report of the Company containing all relevant information required under the Listing Rules will be published on the aforementioned websites in September 2026. By order of the Board CANbridge Pharmaceuticals Inc. ʮ̡ Dr. James Qun Xue Chairman Hong Kong, August 28, 2026 As of the date of this announcement, the Board comprises Dr. James Qun Xue as executive Director; Ms. Wei Zhao and Mr. Tingwei Wang as non-executive Directors; and Dr. Richard Arthur Moscicki, Mr. James Arthur Geraghty, Mr. Peng Kuan Chan and Dr. Lan Hu as independent non-executive Directors.